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GST Exemption on Investment Precious Metal (IPM)

 With effect from 1 Oct 2012, the importation and supply of IPM in Singapore are exempt from GST. IPM for GST exemption purposes refers to gold, silver or platinum in the form of a bar, ingot, wafer and coin which meets certain criteria.

 IPM Qualifying Criteria

Imports of precious metals (i.e. gold, silver and platinum) whether by individuals or businesses, will be exempt from GST so long as the precious metals meet the following criteria:

(a)   The purity content of the precious metals must be at least:

(i)            99.5% for gold;

(ii)           99.9% for silver; and

(iii)          99% for platinum

 

 (b)  The precious metals must be capable of being traded on the international bullion market and are in the form of bars, wafers, ingots or coins:

(i)            For bars, wafers or ingots, they must be produced by  an accredited/endorsed refiner stated in Annex A

(ii)           For coins, it must be prescribed in the IPM Qualifying Coin List stated in Annex B and is or was legal tender in its country of origin.

 

(c)   The precious metals bear a mark or characteristic internationally accepted as guaranteeing its quality; and

 

(d)  The precious metals trade at a price based on the spot price of the metal it contains.

 A precious metal bar, ingot or wafer that fails any of the above criteria cannot qualify as an IPM. Examples of non-IPM are gold jewellery, collectors’ coins, scrap precious metals for refining and precious metals refined by refiners that are not on the “Good Delivery” list of LBMA/ LPPM or not endorsed by IE Singapore. The importation and supply of such non-IPM continue to be taxable.

 For more information, please visit the following IRAS website:

(a)   www.iras.gov.sg > GST > For GST-registered businesses > Charge & Claim GST > When is GST not charged > Exempt supplies

 Annex A

Accredited/Endorsed Refiners

 The investment precious metals bars, wafers or ingots must be produced by:

 

  1. A refiner accredited in the current or former “Good Delivery” list of the London Bullion Market Association (LBMA) in the case of gold and silver

Gold List: http://www.lbma.org.uk/pages/index.cfm?page_id=29&title=gold_list

Silver List: http://www.lbma.org.uk/pages/index.cfm?page_id=30&title=silver_list    

 

  1. A refiner accredited in the current or former “Good Delivery” list of the London Platinum & Palladium Market (LPPM) in the case of  platinum                    

Platinum List: http://www.lppm.com/lists.aspx?type=pt

 

  1. A refiner who intends to be on the “Good Delivery‟ list of the LBMA or LPPM and is endorsed by International Enterprise Singapore.

The list of endorsed refiners will be published on IRAS website at www.iras.gov.sg > GST > For GST-registered businesses > Charge & Claim GST > When is GST not charged > Exempt supplies

 

 Annex B

 

IPM Qualifying Coin List

 

S/No. Name of IPM Qualifying Coin Type of precious metalscontained in the coin (gold, silver or platinum)
1 Australia Kangaroo Nugget (i) Gold
2 Austria Philharmoniker (i) Gold(ii) Silver
3 America Buffalo (i) Gold
4 Canada Maple Leaf (i) Gold(ii) Silver(iii) Platinum
5 China Panda (i) Gold(ii) Silver
6 Malaysia Kijang Emas (i) Gold
7 Mexico Libertad (i) Gold(ii) Silver
8 Singapore Lion (i) Gold
9 Australia Kookaburra (i) Silver
10 Australia Koala (i) Silver(ii) Platinum
11 Australia Lunar (i) Gold(ii) Silver
12 Australia Platypus (i) Platinum
13 America Eagle (i) Silver(ii) Platinum

 

The Singapore Lion gold bullion coins are minted by the Singapore Mint, issued since 1991. Each coin bears the design of a majestic roaring lion’s head on the reverse and the Singapore Arms on the obverse.